Texas Tech coach Chris Beard agreed Monday to a new contract that will make him one of the highest-paid coaches in college basketball.
Beard signed a new six-year contract that will pay him $ 4,575 million annually, keeping him under contract through the 2024-25 season. His annual salary is now the third highest in the country, behind only Kentucky's John Calipari and Duke's Mike Krzyzewski, according to USA Today's coaching salary database.
"Thank you to President Schovanec, Kirby Hocutt, Tony Hernandez, Chancellor Mitchell and the Board of Regents for making this strong commitment to both me and our men's basketball program, "Beard said via a statement. "Thank you to our players and staff, both forms and current, for your commitment to winning. Special thanks to our fans and our students for your incredible support and passion. Together we have accomplished some great things in the past three years but we are not satisfied and will continue working reliably to build one of the best college basketball programs in the nation. "
Beard was named AP National Coach of the Year this past season after leading Texas Tech to the national championship game, where it lost to Virginia. The Red Raiders won a share of the Big 1
Since the Red Raiders went 18-14 in Beard's first season in Lubbock, they've gone 58-17 overall and 8-2 in the NCAA tournament.  "In only three years, Chris Beard has lifted Texas Tech to the upper echelon of college basketball," athletic director Kirby Hocutt said in a statement. "The 2018 Elite Eight, and this year's appearance in the National Championship game has raised the entire profile of Texas Tech Athletics and is a source of great pride for all Red Raiders. I am appreciative of the continued loyalty and personal commitment that Chris has made To continue to lead our program into the future. He is widely respected as one of the best coaches in the nation and I have not been excited that through various resources, we have been able to invest in our basketball program at one of the highest levels. levels in the nation. "
Beard had been mentioned briefly with multiple coaching vacancies this spring, but he didn't show much interest in leaving Lubbock. Beard spent 10 seasons as an assistant coach during Bob Knight at Texas Tech from 2001 to 11 and returned as the head coach in 2016.